Springfield daily republic. [volume] (Springfield, O. [Ohio]) 1887-1888, 1887-06-25

denny ana unexpectedly tne quotations marx
a sharp decline, just as 1t did few days
ago. and IN an hour or two the narrow
margins of the now sorrowing 500
have been swept away. What Is the eX-
PLANTATION OF thisi Why, simply that the
bucket shop pool, controlled hy halt dozen
rich men here in Chicago-the Rleys,
Murphys, Pul>iferS and l.oring~ plunged
u few thousands into the board at Hn oppor-
tune moment, for the direct purpose of
making a quotation low enough 10 wipe out
the stakes Uf their country customers Sup
pose it costs the clique S2n,nn 81 SSn go, or
even more, to do this. What matters thati
The country producers" have sl0u.OoO on the
game, and the gang quietly scoops this in
and buys for ItS individual shirt fronts some
more diamonds. and for It's stables some
more fast horses: or better still. invests its
III gotten gains IN Chicago real estate, 1t he-
ing well known that some ot lhe finest Office
buildings in the new board Of trade district
are owned by men who made Iheir money IN
this traffic
There Is difference between bucket shop
gambling and hoard of II ade speculation. in
the former the trade is simply a bet against
the shop keeper that wheat rises or declines;
in the latter the trader eNpresse. his opinion
concerning the industrial condition OF the
country-the laws Of supply and demand,
the crop outlook, the eoreign situation, etc
and h, opinion, this backed with money,
joins the chorus which echoes in the big board
room here and makes the wheat market for
the world. The wheat market fuctuates as
the opinions of the trader, change, and even
the small speculator who puts IN but 500
has his say along With the rest in proportion
TO the amount "f m,neV invested. This is,
in a certain seus-, Il legitimate business hut
the bucket shop business has no excuse what
ever, being gambling pure and simple and
having no Influence whatever upon the price
Of any commodity.
Who pa;ronize bucket shorS' 1t would lie
easier 10 tell who do not Ia the largest cities
the heavier speculators in gram carry their
trades TO houses having regular board con
nections, and IN Chicago the cream OF the
trade goes in the regular channels But i'll
the smaller towns and cities the bucket shop
has u monopoly, and numbers among its
hsbitues business men, professional men.
Bradstreets agency in this city tells Us that
a large proportion, perhaps one fourth, Of the
recent business failures i'll the northwest were
caused directly or indirectly by bucket shop
gambling The big bucket shops in the Pal
mer hous- are largely patronized by well to
do merchants and by the travelling public
Hundreds Of commercial travellers are in
fstuated with the game. The customers of
Chicago bucket shops are principally broken
down board operators, curb stone gamblers.
and a miscellaneous assortment of seeiy, |
hand TO mouth, dirty shirted, tirei looking,
Inshaven persons who raise s. or SO now
and then, the Lord only knows how In the |
bucket shops of this city could show you in !
a dsy dozen men who have been million !
aires, but who now lunch on pie while watch |
ing the markets" disposition of the last |
81 they have on earth.
On the other hani. some of these bucket |
shops accommodate high rollers The Impe- |
nal room, owned by Wiley, Strawbridge * |
Co, who have a line of bucket shops through |
out the country, will take trades in l,0Oo,0 900 |
bushei lots. each Of such transactions repre- |
sentng a wager Of $1,000 Jack Haveily's |
$50 coo hit on the wheat corner was made in |
u bucket shop, which shows that the show /
man, who has had more than his share of UPS |
an!i downs, has of late been able to remargin |
his trades against the freezing out CLIQUE.
Bets OF s., 900 are not at all uncommon in the |
big bucket shops, and it is said that even ia
/ Gcago more money Is stakel ON wheat in |
Tue outside concerns than in the big board .
;;selt. WALLER WELLNAN